Nucor (NYSE:NUE) had bad news for its shareholders today, as they adjusted their guidance downward for earnings in the second quarter, based on slowing demand for their products.
With analysts looking for 34 cents a share, it's an attempt to manage expectations so the stock doesn't get clobbered because of the downwardly revised earnings of 20 cents to 25 cents a share the company now looks for.
Last year for the same quarter, Nucor reached earnings of 10 cents a share.
"As expected, the most challenging markets for our products continue to be those associated with residential and non-residential construction, which continue to show little, if any, strength," Nucor said in a statement. "This is particularly true for our downstream businesses."
Nucor was level most the day, as the market took the news relatively calmly, but that is sure to change once the word gets out more.
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